The export-led growth model for emerging economies is driven by their need to service external debt and build foreign exchange reserves. It has foundered in the aftermath of financial crises characterized by collapsing currency and asset values, widespread bankruptcies in real and financial sectors, rising unemployment, and negative growth rates. This report addresses the issue of building the financial infrastructure for emerging middle-class economies.
This report suggests that the control of capital in the developed world continues to shift away from private and state-owned institutions and toward public markets. Thereore, small and medium-sized firms with the best prospects for innovation and income/wealth generation need to be liberated from their dependence upon bank-based financial systems. They must also have the ability to turn to market-based systems with access to institutional capital providers at home and abroad.
Speaker: William J. Burns Presider: David Ignatius
On the eve of this year’s U.S.-India Strategic Dialogue, please join Undersecretary Burns to discuss the state of the bilateral relationship and its importance for meeting the global challenges of the twenty-first century.
Emerging economies have boomed over the past decade, but many have recently seen their currencies come under pressure. With a potential currency crisis looming, CFR's Steven A. Cook, Marcus Noland of the Petersen Institute for International Economics, and Mitchell Orenstein of Northeastern University take an in-depth look at three emerging market success stories in a conversation with Foreign Affairs editor Gideon Rose.
Join Nicky Oppenheimer as he discusses some of the lessons and opportunities for Africa that have arisen from the global economic crisis, including how business contributes to sustainable development, the importance of international trade and flows of real investment in building diversified and sustainable economies, and the importance of effective African participation in international and multilateral institutions.
Speaker: Nancy Birdsall Speaker: Danny M. Leipziger Presider: Gerald F. Seib
The global financial crisis has been difficult for the world’s most advanced economies, but its impact on developing nations may prove more severe. Join Nancy Birdsall and Danny Leipziger for a discussion of the political and economic consequences of the crisis on the world’s most vulnerable nations.
China’s economic boom has dazzled investors and captivated the world. But beyond the new high-rises and churning factories lie rampant corruption, vast waste, and an elite with little interest in making things better. Forget political reform. China’s future will be decay, not democracy.